B&G Foods 1Q profit soars, revenue beats estimates

PARSIPPANY, N.J. (AP) -- B&G Foods Inc.'s first-quarter net income jumped 17 percent on improved sales, including significant gains from its New York Style and Old London brands.

The company, based in Parsippany, N.J., makes foods under brands such as Cream of Wheat, Mrs. Dash and Grandma's Molasses.

B&G reported late Thursday that it earned $19.6 million, or 37 cents per share, for the quarter that ended March 30. That is compared with net income of $16.8 million, or 35 cents per share, in the first quarter of 2012.

Its revenue increased nearly 9 percent to $171.2 million from $157.3 million.

B&G said that sales of the New York Style and Old London brands, which it acquired at the end of October 2012, contributed $11.3 million to the overall increase. Its revenue from the company's base business increased nearly 2 percent on improved sales volume and higher prices.

Analysts polled by FactSet expected the company to earn 37 cents per share on revenue of $170.3 million.

Investors were pleased with the better-than-expected revenue and sent B&G's shares up more than 5 percent in after-hours trading to $29.59.

Looking ahead, B&G Foods increased its guidance for earnings before interest, taxes, depreciation and amortization to a range of $180 million to $184 million. The prior range was $178 million to $182 million. Analysts expect $181.9 million, on average.